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Foreign Institutional Investors (FIIs) have been rapidly exiting Indian markets, and this high-speed exodus does not look like it will stop anytime soon. In October 2024, FIIs withdrew Rs 1,14,445.89 crores from Indian markets. Yesterday, FIIs withdrew $770.67 million from the markets, with equity outflows of $440.86 million and debt outflows standing at $327.44 million across various categories. Per NSDL data, hybrid outflows amounted to $2.31 million. While this may sound dissuading at first, a recent SBI report underlined that FIIs still hold a massive $ 18.241 billion in Indian markets. So far, FY25 has seen FII inflows worth $ 8.924 billion. However, the situation may quickly turn alarming as well, given that FII holdings in Indian equities have already come down to a 12-year low. Says Anirudh Garg, Partner and Fund Manager at Invasset PMS, "The current valuation of Indian stocks, trading at around 24 times expected earnings, appears high compared to Chinese stocks, which are at approximately 10 times. Economic concerns, including weak corporate earnings and declining consumer demand, further exacerbate this situation. Additionally, renewed fears of inflation and potential monetary tightening by central banks have led FIIs to withdraw from the Indian market." In the meantime, DIIs (domestic institutional investors) are stepping in big time. During October 2024, DIIs infused Rs 1,07,254.68 crore in Indian markets. In November so far, DIIs have been keeping the fund momentum going, infusing Rs 12,265.74 crore in India, while FIIs have offloaded Rs 16,445.49 crore this month. But despite this strong uptick, SBI's recent report suggests that consumer confidence in India remains below 100, signaling muted positivity and optimism in the economy. While household consumption is gradually recovering, it grew at 4% last year, much below the 7% levels recorded pre-pandemic. <h2>FII share in <keyword id="20868945" type="General" weightage="20" keywordseo="NSE-listed-companies" source="keywords">NSE-listed companies</keyword> takes a dip, DII stake rise </h2>FIIs share in NSE-listed companies stood at 15.98% in October, with assets under their custody in the equity segment coming to Rs 71.08 lakh crore last month. In September, this stood at Rs 77.96 crore. Experts suggest that this is likely to continue for some time to come. Mutual funds, on the other hand, saw their share in NSE-listed companies hit a record high of 9.58%, as opposed to their 9.32% stake in September 2024. FIIs turned net sellers in the debt segment as well in October, dumping $771 million in Indian markets. This comes after 2 consecutive months of healthy inflows in this segment in August and September 2024, where the figures stood at $2,806 million and $2,295 million, respectively.

FII stake in Indian equities dips to a 12-year low

<ul class="summary-list"><li>US stocks were down Wednesday morning before the week's high-profile earnings kicked off. </li><li> Snap, Advanced Micro Devices, and Alphabet report third-quarter results after the bell.</li></ul>US stocks dipped on Tuesday as traders waited for a slew of <a target="_blank" class="" href="https://www.businessinsider.com/big-tech-earnings-microsoft-amazon-apple-alphabet-meta-2024-10">corporate earnings</a> <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-tech-earnings-gdp-inflation-jobs-report-economy-2024-10">reports and economic data</a> releases. Major indexes edged lower and bond yields rose. The 10-year Treasury yield was up four basis points to 4.326%. Earnings season on Wall Street continues to gain steam, with <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/snap-stock">Snap</a>, <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/amd-stock">Advanced Micro Devices</a>, and Google parent <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/googl-stock">Alphabet</a> among the major tech firms set to report earnings after the bell. The earnings deluge continues on Wednesday with <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/meta-stock">Meta</a> and <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/msft-stock">Microsoft</a> after the closing bell. Apple and Amazon will report on Thursday. Third-quarter earnings have been strong so far. Of the 37% of S&amp;P 500 companies that have released financials, 75% have beat earnings estimates, on par with the 10-year average, according to a <a target="_blank" class="" href="https://insight.factset.com/sp-500-earnings-season-update-october-25-2024">FactSet</a> analysis.This week's economic data, meanwhile, has the potential to reset the market's expectations for Fed rate cuts. Investors will digest GDP data for the third quarter on Wednesday, with estimates of 3.2% growth in the July through September period.On Friday, the October jobs report will be published. Economists expect 110,000 jobs were added last month, well below September's reading of 254,000. The Federal Reserve's November policy meeting will kick off a day after the presidential election. According to the CME Fedwatch tool, traders see a 96% chance central bankers will cut rates another 25 basis points, though recent hot data has also suggested the Fed may pause rate cuts at an upcoming meeting. "As we enter 2025, the case for skipping or pausing is likely to build. The Fed will be closer to estimates of neutral, a repeat of residual seasonality could lift inflation early next year, and the election outcome could add to hawkish risks for the Fed," Deutsche Bank analysts said in a note on Wednesday.Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Tuesday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,802.94, down 0.35%</li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 42,184.05, down 0.48% (-203.52 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 18,523.71, down 0.23%</li></ul>Here's what else is going on:<ul><li>Here's how a <a target="_blank" class="" href="https://www.businessinsider.com/market-impact-presidential-election-scenarios-trump-harris-stocks-bonds-crypto-2024-10?_gl=1*1qvmmw6*_ga*OTI1ODIwOTQ2LjE3MTYzOTg2NjU.*_ga_E21CV80ZCZ*MTczMDIwNTI2My40OTMuMS4xNzMwMjA4NDgwLjQuMC4w">Trump or Harris presidency</a> could impact your investments.</li><li>The <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/election-betting-odds-trump-vs-harris-polymarket-kalshi-robinhood-2024-10">election-betting market</a> has exploded this presidential cycle.</li><li><a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-media-djt-truth-social-election-madison-square-garden-rally-2024-10">Trump Media and Technology stock embarked on a meme-like rally</a> after Trump's Madison Square Garden event. The stock was halted for volatility on Tuesday morning. </li><li>The <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/fed-rate-cuts-outlook-job-market-economy-fomc-jeremy-siegel-2024-10">Fed could pause rates at its next meeting</a>, if the October jobs report comes in strong, according to Wharton professor Jeremy Siegel.</li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">West Texas Intermediate</a> crude oil ticked higher 0.67% to $67.83 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a>, the international benchmark, edged up 0.61% to $71.42 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price">Gold</a> was higher by 0.47% to $2,754.48 an ounce.</li><li>The 10-year Treasury yield climbed five basis points to 4.333%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> rose 3.25% to $71,152.</li></ul>

Stock market today: Indexes dip ahead of mega-cap tech earnings

Dear reader, Another week comes to an end, and with it, a fresh roundup of stories shaping the business and finance landscapes. This week, we explored data that challenges the idea that large IPOs automatically lead to large returns—18 of India’s biggest IPOs fell short of expectations. On the investment front, experts debunked the popular advice of ‘<keyword id="23577643" type="General" weightage="20" keywordseo="buying-the-dip" source="keywords">buying the dip</keyword>’ and suggest a better approach for long-term success. And in the world of <keyword id="19963428" type="General" weightage="20" keywordseo="quick-commerce" source="keywords">quick commerce</keyword>, recent incidents like bizarre notifications and uncalled-for freebies piqued social media's interest. For stargazers and romantics, the upcoming <keyword id="22852367" type="General" weightage="20" keywordseo="Hunters-Moon" source="keywords">Hunter’s Moon</keyword> offers a beautiful setting for a moonlit night. And for career climbers, we have insights from a <keyword id="21560867" type="General" weightage="20" keywordseo="product-manager" source="keywords">product manager</keyword> who landed a $180,000 role at <keyword id="19904352" type="General" weightage="20" keywordseo="Cisco" source="keywords" meta.keywordsubtype="org" meta.entityname="Cisco" meta.hostid="261" meta.entityid="Cisco">Cisco</keyword>, sharing <keyword id="21767233" type="General" weightage="20" keywordseo="resume-tips" source="keywords">resume tips</keyword> to help you stand out. Dive in, and enjoy this week’s highlights! <h2>Top stories of the week</h2> Do large IPOs guarantee large returns? Data suggests that 18 of India's biggest 30 IPOs did not generate solid returns A study of India’s top 30 IPOs reveals that a majority—18 of them—failed to deliver substantial returns to investors. Despite the hype surrounding large public offerings, data shows that a company’s size or popularity doesn’t always correlate with strong post-IPO performance. Investors are urged to manage their expectations and conduct thorough research before jumping into large IPOs, as high-profile launches don’t guarantee hefty returns. <a href="https://www.businessinsider.in/finance/news/do-large-ipos-guarantee-large-returns-data-suggests-that-18-of-indias-biggest-30-ipos-did-not-generate-hefty-returns/articleshow/114302378.cms" data-type="tilCustomLink" target="_blank">Read more</a> Free tomatoes to i-pill notification, recent quick commerce incidents that sparked outrage Recent incidents in India’s quick commerce sector have sparked widespread outrage, ranging from offering free tomatoes as promotional giveaways to sending unsolicited I-Pill notifications to customers. These occurrences highlight issues around <keyword id="19999043" type="General" weightage="20" keywordseo="consumer-privacy" source="keywords">consumer privacy</keyword>, safety, and inappropriate marketing strategies. As rapid delivery services continue to expand, so do concerns about their ethical and operational practices. <a href="https://www.businessinsider.in/business/news/free-tomatoes-to-i-pill-notification-recent-quick-commerce-incidents-that-sparked-outrage/articleshow/114315992.cms" data-type="tilCustomLink" target="_blank">Read more</a> Why "buying the dip" is not always good advice, and the right time to start is now The age-old investment advice of ‘buying the dip’ may not always hold true, especially in unpredictable markets. Experts argue that waiting for stocks to drop before investing could result in missed opportunities, as market timings are nearly impossible to predict. Instead, the best strategy for long-term investors may be to focus on consistent investing, with the right time to start being now. <a href="https://www.businessinsider.in/stock-market/news/why-buying-the-dip-is-not-always-good-advice-the-right-time-to-start-is-now/articleshow/114253456.cms" data-type="tilCustomLink" target="_blank">Read more</a> Why this week's Hunter's Moon is the ultimate backdrop for the perfect moonlit date night The upcoming Hunter’s Moon, which will grace the skies this week, offers the perfect opportunity for a romantic, moonlit night. This full moon is not only visually stunning but also holds cultural significance, symbolizing harvest and abundance. For those seeking an atmospheric, nature-infused experience, this celestial event promises to be the ultimate backdrop for a memorable date night. <a href="https://www.businessinsider.in/science/space/article/why-this-weeks-hunters-moon-is-the-ultimate-backdrop-for-the-perfect-moonlit-date-night/articleshow/114317181.cms" data-type="tilCustomLink" target="_blank">Read more</a> A product manager shares the résumé that helped him transition from consulting and land a $180,000 role at Cisco Transitioning from consulting to a high-paying role as a product manager at Cisco, one professional shared the resume that helped him land the $180,000 job. His strategic approach included tailoring his CV to highlight relevant skills and experiences, positioning himself as the perfect candidate for the tech giant. Aspiring product managers can take notes on crafting resumes that stand out in competitive job markets. <a href="https://www.businessinsider.in/careers/news/a-product-manager-shares-the-rsum-that-helped-him-transition-from-consulting-and-land-a-180000-role-at-cisco/articleshow/114232654.cms" data-type="tilCustomLink" target="_blank">Read more</a> <h2><h2>Web Stories </h2> <a href="https://www.businessinsider.in/international/webstories/india-canada-tussle-a-timeline-of-escalating-tensions-under-trudeaus-regime/slidelist/114283096.cms" data-type="tilCustomLink" target="_blank">India-Canada Tussle: A timeline of escalating tensions under Trudeau’s regime</a><a href="https://www.businessinsider.in/international/webstories/india-canada-tussle-a-timeline-of-escalating-tensions-under-trudeaus-regime/slidelist/114283096.cms" data-type="tilCustomLink" target="_blank"></a> <a href="https://www.businessinsider.in/international/webstories/the-weirdest-guinness-world-records-ever-set/slidelist/114288059.cms" data-type="tilCustomLink" target="_blank">The weirdest Guinness World records ever set</a><a href="https://www.businessinsider.in/international/webstories/the-weirdest-guinness-world-records-ever-set/slidelist/114288059.cms" data-type="tilCustomLink" target="_blank"></a> <a href="https://www.businessinsider.in/travel/india/webstories/from-amber-to-gagron-indias-unesco-world-heritage-forts-to-explore/slidelist/114282776.cms" data-type="tilCustomLink" target="_blank">Amber to Gagron: India’s UNESCO world heritage forts to explore</a> </h2>

Weekend wrap: IPO myths, quick commerce gone wrong and more

<ul class="summary-list"><li>Indexes slid on Thursday despite a strong earnings report from Meta that sent the stock soaring.</li><li>New jobless-claims data beat expectations and approached a one-year high, stoking economic concern.</li></ul>Indexes slid Thursday amid a strong earnings report from <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/meta-stock">Meta</a> and new labor-market data.Shares of Meta soared as much as 11% after the company beat earnings estimates in the most recent quarter and raised its full-year revenue guidance. Sales grew 22% year-over-year, marking the company's fourth consecutive quarter exceeding 20%.Meanwhile, new labor-market data showed jobless claims came in at 249,000 for last week, above estimates of 236,000. The figure marks the highest level in nearly a year, and is another signal to the Fed that rate cuts are needed soon. Investors seem to be interpreting it as a sign of economic weakness.After hearing comments from Fed Chair Jerome Powell during Wednesday's Federal Open Market Committee meeting, investors are pricing in a 100% chance of Fed rate cuts in September, according to the <a target="_blank" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">CME FedWatch tool</a>."We have stated that we do not expect it will be appropriate to reduce the target range for the federal funds rate until we have gained greater confidence that inflation is moving sustainably toward 2%," Fed Chair Powell said in prepared remarks. "The second quarter's inflation readings have added to our confidence, and more good data would further strengthen that confidence."In other news, chip companies are seeing mixed results after <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nvidia-amd-semiconductor-chip-stock-gains-2q-earnings-reaction-outlook-2024-7">rallying across the board yesterday</a>.Shares of Arm fell over 7% in early trading after the smartphone chipmaker reported revenue almost 40% above Wall Street estimates, but kept its forecast for the current quarter within analyst estimates.Qualcomm also beat earnings expectations but saw its stock down 3% Thursday.Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Wednesday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,512.05, down 0.2%</li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 40,566.95, down 0.7% (267 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 17,568.69, down 0.2%</li></ul>Here's what else is going on today:<ul><li>Amazon is set to post its second-quarter earnings after market close, and <a target="_blank" href="https://www.businessinsider.com/amazon-q2-earnings-preview-wall-street-expects-aws-retail-growth-2024-7">Wall Street expects strong growth</a> in its AWS cloud and retail divisions.</li><li>Republican presidential nominee Donald Trump causes <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-stock-market-selloff-taiwan-trade-war-tech-chips-manufacturing-2024-7">deep stock losses in companies and industries he targets</a>, researchers say.</li><li>Nancy Pelosi's husband just <a target="_blank" href="https://markets.businessinsider.com/news/stocks/nancy-pelosi-congress-stock-trading-strategy-husband-buys-nvidia-nvda-2024-7">bought more Nvidia and trimmed his Microsoft stake</a>.</li></ul>In commodities, bonds, and crypto:<ul><li><a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, rose as much as 1.3% to $81.80 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> rose 0.8% to $2,446.50 per ounce.</li><li>Bitcoin slipped 0.7% to $64,108.78</li></ul>

Stock market today: Indexes dip after Meta earnings and new labor-market data

<ul class="summary-list"><li>Nasdaq 100 and S&amp;P 500 declines in September present a buying opportunity, says Ned Davis Research.</li><li>Weak seasonality data and excessive pessimism readings suggest a strong 4th quarter rally is ahead, NDR said.</li></ul>A 6% decline in the <a target="_blank" class="" href="https://markets.businessinsider.com/index/nasdaq_100">Nasdaq 100</a> and 4% decline in the <a target="_blank" class="" href="https://markets.businessinsider.com/index/s&amp;p_500">S&amp;P 500</a> since the start of September represents an attractive buying opportunity for investors, according to Ned Davis Research.The research firm said in a note on Friday that the weakness in stocks so far this month is more than typical, <a target="_blank" class="" href="https://www.businessinsider.com/stock-market-outlook-september-season-fed-cuts-election-investing-2024-8">given weak seasonality data </a>— but it's also a big opportunity given the market is heading for its best three-month stretch of the year."With the September weakness relieving the optimism and sending sentiment indicators to excessive pessimism readings, equities would be likely to launch a persistent ascent similar to the first quarter advance, supported by fourth quarter seasonal tendencies," NDR strategist Tim Hayes said.He added: "Whereas a comparison of three-month declines shows that August - October has been the weakest, October - December has been the strongest."Hayes finds it encouraging that, based on internal NDR readings, the stock market, economy, and corporate earnings are showing no signs of being vulnerable to a sharp bear market decline akin to what happened in 2022.Analyst earnings revisions continue to trend higher, historically a leading indicator for corporate earnings.<div type="image" title="A chart showing rising earnings revisions" height="646" width="758" msid="113136246" hostid="261" sizebytes="39088"></div>"As with revisions, economic performance is a leading indicator of earnings growth, currently supporting the earnings outlook. While the recession probability has risen from its lows of May and June, it hasn't risen out of its bullish mode for equities," Hayes explained.Altogether, that means the current stock market decline is more likely to be a garden variety correction that ultimately proves to be healthy for the sustainability of the ongoing bull rally that began in October 2022."The current choppiness will prove to be just that, not the sign of a new bear market. It should lead to a buying opportunity within the continuing bull market, ahead of renewed rallying in the fourth quarter," Hayes said.

Buy the September dip in stocks as the market heads into the best 3-month stretch of the year, strategist says

<ul class="summary-list"><li>Market volatility will stay elevated for years to come, Bank of America says.</li><li>The firm recommends avoiding the urge to buy the ongoing dip in tech stocks.</li></ul>The market is getting more volatile, and stocks will stay choppy for years ahead, according to Bank of America.The firm says that in the near term, election-related policy uncertainty will keep the market swinging. Looking further out through the end of 2027, the yield curve is signaling more volatility ahead, as shown by the chart below:<div type="image" title="The yield curve suggests higher VIX for years" height="421" width="658" msid="113204422" hostid="261" sizebytes="29464"></div>Further, a proprietary BofA "regime indicator" has swung into downturn territory.With those elements in play, the firm is recommending defensive stocks that generally outperform in times of uncertainty or weakness."Quality, stability and income have protected investors in prior volatile markets. We recalibrate our sector calls to augment these characteristics," analysts wrote on Monday.On the flip side, investors should avoid boosting exposure to the popular tech sector, the bank warned.Even if price swings help cheapen mega-cap industry names, several qualities still make this cohort an unfavorable investment, the bank said."Don't buy the tech dip," analysts said. "We remain underweight Information Technology despite arguments that it has gotten so beaten up."The bank cited record highs in the sector's enterprise-value-to-sales ratio, a signal that these firms remain overvalued. Meanwhile, tech funds could soon face passive selling pressure as the <a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a> prepares new index-cap rules.Specifically, the index is planning to lower the weightings of <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-09-06/funds-with-350-billion-are-exposed-to-s-p-s-new-index-cap-rules">stock funds with $350 billion in assets</a>, Bloomberg reported. In this event, passive investment vehicles would have to restructure their holdings at the upcoming quarterly rebalance.As volatility picks up for the long term, quality and income should play a larger role in portfolios, analysts wrote.Although growth stocks made sense when borrowing costs were low through the 2010s, this is changing — in the next years, the bank expects single-digit returns.Quality exposure also makes sense in the more immediate term, according to Savita Subramanian, BofA's head of US equity and quant strategy."Don't be a hero," she told <a target="_blank" href="https://www.youtube.com/watch?v=RfF_CBrvjVU">CNBC on Friday</a>. "Just to park in safe total return type vehicles where you get paid to wait."In a note last week, Subramanian noted that today's quality stocks are not expensive, and those rated B+ or better are trading at a slight premium to their lower-quality peers.Meanwhile, utilities and real estate dividends should attract investor attention as Federal Reserve interest-rate cuts leave them hunting for yield opportunities. "Real Estate dividends are likely more sustainable than during prior cycles, given that since 2008, the sector has doubled its proportion of high quality ("B+ or Better") market cap to a whopping 70%," analysts wrote.

'Don't buy the tech dip:' Where to invest instead as the market gets more volatile, BofA says

<ul class="summary-list"><li>Indexes were mixed but mostly higher Thursday as traders took in economic data and Nvidia's earnings. </li><li>US GDP grew at a slightly higher pace in the second quarter than initially reported. </li></ul>US stocks were mixed Thursday as investors digested a post-earnings fall in Nvidia shares despite the AI giant's earnings beat.The Dow Jones Industrial Average rose more than 200 points, paring gains after being up more the 400 points earlier in the session. The index still managed to hit a fresh record high, while Nvidia's 6% decline weighed on the S&amp;P 500 and the Nasdaq.Positive economic data helped the market power past Nvidia's big drop, with US GDP growth getting an upward revision for the second quarter. The economy grew 3% last quarter compared to the initially reported 2.8%. Jobless claims data, meanwhile, were about in-line with the previous week, falling by 2,000 to 231,000.Nvidia's drop in the session came as the hotly anticipated earnings after the closing bell on Wednesday narrowly missed the <a target="_blank" class="" href="https://www.businessinsider.com/nvidia-q2-earnings-ai-investors-expectations-2024-8">high end of expectations</a>. With the stock already trading not far from record highs and the hype soaring going into the earnings call, investors balked at the slightly narrower earnings beat compared to previous quarters. On Friday, investors will get the latest reading of the personal consumption expenditures index, the Federal Reserve's preferred inflation gauge. The index is expected to show inflation rose in-line with the prior month at 2.5%. Here's where US indexes stood at the 4 p.m. closing bell on Thursday:<ul><li><a target="_blank" href="https://markets.businessinsider.com/index/s&amp;p_500?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">S&amp;P 500</a>: 5,591.96, down 0.001%</li><li><a target="_blank" href="https://markets.businessinsider.com/index/dow_jones?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Dow Jones Industrial Average</a>: 41,335.05, up 0.59% (+243.63 points)</li><li><a target="_blank" href="https://markets.businessinsider.com/index/nasdaq_composite?utm_source=markets&amp;utm_medium=ingest%3Futm_source%3Dmarkets&amp;utm_medium=ingest&amp;utm_medium=ingest&amp;utm_source=markets&amp;utm_medium=ingest&amp;utm_source=markets">Nasdaq composite</a>: 17,516.43, down 0.23%</li></ul>Here's what else happened today:<ul><li>Wall Street says Nvidia's post-earnings dip is <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-stock-price-outlook-buy-q2-earnings-decline-wall-street-2024-8">an 'invitation' to buy</a> the stock, analysts say. </li><li>Apple will <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/nvidia-vs-apple-top-ai-stock-iphone16-device-chips-citi-2024-8">eclipse Nvidia as the top AI stock in 2025</a>, as the AI cycle shifts from infrastructure to devices, Citi says. </li><li>Mortgage rates are falling, but <a target="_blank" class="" href="https://www.businessinsider.com/mortgage-rates-nar-real-estate-agent-buyers-home-prices-redfin-2024-8">buyers are still on the sidelines</a>. Here's why. </li></ul>In commodities, bonds, and crypto:<ul><li>Oil futures rose.<a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets"> West Texas Intermediate</a> crude oil rose 1.8% to $75.89 a barrel. <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent crude</a>, the international benchmark, rose 1.7% to $80 a barrel.</li><li><a target="_blank" href="https://markets.businessinsider.com/commodities/gold-price?utm_medium=ingest&amp;utm_source=markets">Gold</a> traded higher at $2,555.40 an ounce.</li><li>The 10-year Treasury yield rose two basis points to 3.865%.</li><li><a target="_blank" href="https://markets.businessinsider.com/currencies/btc-usd?utm_medium=ingest&amp;utm_source=markets">Bitcoin</a> edged up 0.5% to $59,462. </li></ul>

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